CEMB vs. HYGH
CEMB (iShares J.P. Morgan EM Corporate Bond ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both exchange-traded funds - CEMB is a Corporate Bonds fund tracking the JP Morgan CEMBI Broad Diversified, while HYGH is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Interest Hedged Index. Both are passively managed. Over the past 10 years, CEMB returned 3.30%/yr vs 6.18%/yr for HYGH. Their 0.24 correlation means their historical movements had little consistent relationship. CEMB charges 0.50%/yr vs 0.52%/yr for HYGH.
Performance
CEMB vs. HYGH - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CEMB achieves a 1.32% return, which is significantly lower than HYGH's 3.81% return. Over the past 10 years, CEMB has underperformed HYGH with an annualized return of 3.30%, while HYGH has yielded a comparatively higher 6.18% annualized return.
CEMB
- 1D
- 0.17%
- 1M
- -0.38%
- 6M
- 0.76%
- YTD
- 1.32%
- 1Y
- 4.51%
- 3Y*
- 6.87%
- 5Y*
- 1.78%
- 10Y*
- 3.30%
- ALL TIME*
- 3.62%
HYGH
- 1D
- 0.12%
- 1M
- 0.29%
- 6M
- 2.79%
- YTD
- 3.81%
- 1Y
- 7.43%
- 3Y*
- 9.16%
- 5Y*
- 7.14%
- 10Y*
- 6.18%
- ALL TIME*
- 4.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.45M | $2.88M | $3.29M | |
| $5.17M | $5.29M | $4.70M |
CEMB vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 1.32% | 8.86% | 5.81% | 8.37% | -12.58% | -0.59% | 6.77% | 13.90% | -2.57% | 7.11% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.81% | 6.94% | 11.22% | 12.17% | -0.92% | 5.82% | 0.54% | 11.09% | -0.85% | 6.38% |
Correlation
The correlation between CEMB and HYGH is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.33 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.37 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.27 |
Correlation (All Time) Calculated using the full available price history since May 29, 2014 | 0.24 |
The correlation between CEMB and HYGH shifts across timeframes, from 0.24 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CEMB vs. HYGH — Risk / Return Rank
CEMB
HYGH
CEMB vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM Corporate Bond ETF (CEMB) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CEMB | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.39 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 4.60 | -3.03 |
| Martin ratioReturn relative to average drawdown | 6.65 | 18.10 | -11.46 |
Loading charts...
Drawdowns
CEMB vs. HYGH - Drawdown Comparison
The maximum CEMB drawdown since its inception was -20.84%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for CEMB and HYGH.
Loading charts...
Drawdown Indicators
| CEMB | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.84% | -23.88% | +3.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -1.62% | -1.26% |
Max Drawdown (3Y)Largest decline over 3 years | -3.53% | -8.06% | +4.53% |
Max Drawdown (5Y)Largest decline over 5 years | -20.48% | -8.24% | -12.24% |
Max Drawdown (10Y)Largest decline over 10 years | -20.84% | -23.88% | +3.04% |
Current DrawdownCurrent decline from peak | -0.52% | 0.00% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -3.62% | -2.20% | -1.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.41% | +0.27% |
Volatility
CEMB vs. HYGH - Volatility Comparison
iShares J.P. Morgan EM Corporate Bond ETF (CEMB) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH) have volatilities of 0.63% and 0.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CEMB | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.63% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 2.77% | -0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.10% | 3.62% | -0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.63% | 7.06% | -1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.28% | 8.21% | -1.93% |
CEMB vs. HYGH - Expense Ratio Comparison
CEMB has a 0.50% expense ratio, which is lower than HYGH's 0.52% expense ratio.
Dividends
CEMB vs. HYGH - Dividend Comparison
CEMB's dividend yield for the trailing twelve months is around 5.23%, less than HYGH's 6.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMB iShares J.P. Morgan EM Corporate Bond ETF | 5.23% | 5.14% | 5.11% | 4.77% | 4.29% | 3.51% | 3.86% | 4.19% | 4.66% | 4.06% | 4.26% | 4.76% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.56% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
Frequently Asked Questions
CEMB and HYGH have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYGH has higher volatility (0.63%) compared to CEMB (0.63%). In terms of maximum drawdown, CEMB dropped -20.84% vs HYGH's -23.88%.
On 10-year performance, HYGH leads with 6.18% vs 3.30% for CEMB. On fees, CEMB is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYGH has performed better with a 6.18% return vs 3.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEMB is cheaper with a 0.50% expense ratio, compared with 0.52% for HYGH.
HYGH has the higher dividend yield at 6.56%, compared with 5.23% for CEMB.
CEMB is categorized as Corporate Bonds, while HYGH is High Yield Bonds. CEMB tracks JP Morgan CEMBI Broad Diversified, while HYGH tracks Markit iBoxx USD Liquid High Yield Interest Hedged Index. Their fees differ too: 0.50% for CEMB and 0.52% for HYGH.
HYGH currently has the higher Sharpe Ratio (2.07 vs 1.46), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for CEMB and HYGH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer